Principles of Business Exam Review

Flashcards for vocabulary terms related to the Principles of Business examination.

Stakeholder

An individual or group that has an interest in the success or failure of a business.

Operational Function

A specific task or role that supports the functioning of a business, such as marketing, finance, or human resources.

Teamwork

The cooperative effort by a group of individuals to achieve a common goal.

Production

The process of creating goods and services using various factors of production.

Capital

Financial assets or resources used in the production of goods and services.

Fixed Capital

Long-term investments in physical assets such as machinery and buildings.

Working Capital

The funds available for day-to-day operations of a business.

Customer Service

Support provided to customers before, during, and after purchasing products or services.

E-commerce

The buying and selling of goods and services over the internet.

Ethical Use of ICT

The responsible and fair use of information and communications technology in business operations.